eg solutions confident of more contract wins

STAFFORDSHIRE software supplier eg solutions has said it expects to announce major new contract wins in the next few months, building on its solid start to the new financial year.

In its AGM statement, non-executive chairman Rodney Baker-Bates said the company’s strong financial performance reflected its strengthening position in the emerging back office optimisation software market.

“Over the past four months, we have mainly focused on delivering the projects won last year, particularly in the UK and South Africa, whilst integrating Nuqleus 3D, the real-time data capture product acquired with Xtaq, into eg’s core software product suite,” he said.
 
“In the UK, having reorganised and expanded our sales team, we are building our order pipeline with new and existing customers.  We expect this activity to result in new project wins over the coming months.
 
Overall, approximately 60% of anticipated revenues for the current year are already contracted.”
 
He said the continued growth in revenues and profits, and continued focus on controlling costs had resulted in increases to cash balances, which currently stand at £1.3m, compared to £0.7m this time last year. He said this would enable continued investment in the business.

One of the major hopes for growth has been the recent launch of a new software package and predictions that the global back office optimisation market will grow considerably over the next few years and could be worth around $557m by 2014.

Board changes see Andrew McRae steps down with effect from today, replaced by Phil Lee. Mr Lee has broad financial services experience, which includes positions with three eg customers.

“Overall, we are confident that we can continue to deliver profitable growth for the current year and beyond,” added Mr Baker-Bates.

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